ACTION AGAINST THE ELECTED MEMBERS OF THE GOVERNING BOARD OF THE STOCK EXCHANGE, MUMBAI

In the interest of investors and the orderly development of the securities market in India, the following decisions have been taken by SEBI under Section 11B of the Securities and Exchange Board of India Act, 1992.

1. Shri Anand Rathi and his concerns i.e. Anand Rathi Securities Pvt Ltd, Navratan Capital and Securities Pvt Ltd, Rathi Global Finance Ltd and Rathi Capital and Securities Pvt Ltd are directed not to undertake any fresh business as a broker, till further orders are passed by SEBI in this regard.

2. Shri Anand Rathi is restrained from acting as a Director of the Governing Board of The Stock Exchange, Mumbai until further notice.

3. Smt Deena A. Mehta (President), Shri Himanshu N. Kaji (Honarary Treasurer), Shri Jayesh K. Sheth, Shri Kirit B. Shah, Shri Motilal Oswal, Shri Niranjan K. Nanavati, all Broker Member Directors of The Stock Exchange, Mumbai have all been restrained from acting as Directors on the Governing Board of The Stock Exchange, Mumbai until further notice.